North American Grain/Oilseed Review: Canola, wheat on the rise

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market rebounded Tuesday, following gains in vegetable oils.

Malaysian palm oil rose sharply, while Chicago soyoil and European rapeseed were both higher. Crude oil declined slightly on Tuesday after suffering its worst one-day loss in two years on Monday.

Statistics Canada reported Tuesday that 933,065 tonnes of canola were crushed in September, compared to 922,108 from one year earlier. Also, 1.692 million tonnes of canola were delivered by producers in September, compared to 1.902 million last year.

One analyst said that seasonal charts indicate canola prices would be in an uptrend for the rest of the calendar year before becoming flat at the start of 2025.

At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Monday’s close.

There were 55,588 canola contracts traded on Tuesday, which compares with Monday when 62,391 contracts changed hands. Spreading accounted for 30,272 of the contracts traded.

SOYBEAN prices took a hit for the third straight session at the Chicago Board of Trade on Tuesday. As a result, the January contract fell to its lowest level since late August.

Statistics Canada reported on Tuesday the country crushed 79,465 tonnes of soybeans in September, compared to 146,735 tonnes one year ago.

The United States Department of Agriculture’s crop progress report said 89 per cent of the U.S. soybean crop was harvested as of Oct. 27, the fastest pace since 2010, compared to 82 per cent last year and the 78 per cent five-year average.

Crop consultant Dr. Michael Cordonnier left his South American soybean production estimates unchanged at 165 million tonnes for Brazil and 57 million tonnes for Argentina.

ANEC projected Brazil’s October soybean exports at 4.58 million tonnes, down from 5.53 million last year.

U.S. grain barge movements on the Mississippi River were down 19 per cent from the previous week as of Oct. 19 and down 14 per cent from last year due to reduced water levels.

CORN prices had a Tuesday turnaround, seeing their first positive session since Thursday.

The USDA showed that 81 per cent of the country’s corn crop was harvested, surpassing the 68 per cent mark from one year ago and the 64 per cent five-year average.

Cordonnier left his South American corn production estimates unchanged at 125 million tonnes for Brazil and 48 million tonnes for Argentina.

ANEC estimated October Brazilian corn exports to be 5.92 million tonnes, down from 8.45 million last year.

WHEAT prices jumped on Tuesday, due to less-than-ideal U.S. winter wheat growing conditions and another Russian attack on Ukraine.

StatCan reported 2.494 million tonnes of wheat were delivered by Canadian producers last month, compared to 3.428 million last year.

The U.S. winter wheat crop was 80 per cent planted, up seven points from the previous week but down four points from the five-year average. However, the crop was rated 38 per cent good to excellent, the second-lowest rating in 36 years.

European Union soft wheat exports since July 1 totaled 7.26 million tonnes as of Oct. 25, down from 10.9 million last year.